People type this into search every day: personal loan payment calculator.
The usual answer is the monthly number on the offer. The CFPB says look past that number. Fees, the term, and the total you send back can make the cheaper-looking payment the expensive loan.
This page is a labeled example. It is not a lending offer, and it is not personalized financial advice.
A fixed payment, then the fee on the side
The CFPB personal installment loan note says you borrow a sum and pay it back in fixed installments over a set time. Rates can be fixed or adjustable. Credit, income, debts, and the length of the loan all feed the terms.
Its fees page lists origination, documentation, optional insurance, and late fees next to the interest. Check the disclosure before you treat the rate as the whole price.
The APR versus interest-rate note says APR folds those fees into one yearly percent so you can compare offers. This calculator keeps the fee as cash you pay up front. It does not refinance the fee unless you add it to the principal yourself.
The personal loan payment calculator uses a standard amortizing payment:
principal × monthly rate × (1 + monthly rate)^n ÷ ((1 + monthly rate)^n − 1)
n is months, years × 12, rounded. The rate and payment stay fixed. Fees are paid up front rather than financed. Those are the tool’s assumptions.
Fig 1
Payment first, fee on the side
The monthly number amortizes principal. Fees sit outside it.
Build the fixed payment from principal, rate, and months. Add the upfront fee when you look at total cost.
The credit card payoff post is the revolving cousin. A personal loan is closed-end. You get the cash once.
Example 1: the published $15,000 at 9.5% for four years
Here are the calculator defaults:
- amount borrowed: $15,000
- annual interest rate: 9.5%
- loan term: 4 years
- upfront fees: $250
Months: 4 × 12 = 48
Monthly payment: $376.85
Total interest: $3,088.66
Total cost including fees: $18,338.66
Calculator result
Personal loan payment
- Amount borrowed
- $15,000.00
- Annual interest rate
- 9.5%
- Loan term
- 4 years
- Upfront fees
- $250.00
$376.85
monthly loan payment
- Total interest
- $3,088.66
- Total cost including fees
- $18,338.66
First-month interest: 15000 × 0.095 ÷ 12 = $118.75
First-month principal: 376.85 − 118.75 = $258.10
$118.75 is 31.5% of the first payment. Principal is the other 68.5%. Later months flip that mix as the balance falls.
Fig 2 · 1/2
The first $376.85 payment
Defaults: $15,000, 9.5%, 48 months
Interest
$118.75
Principal
$258.10
Month 1 interest is $118.75.
Principal is $258.10. That is how $376.85 splits on day one.
Example 2: a $5,000 loan at 11% for three years
- principal: $5,000
- rate: 11%
- years: 3
- fees: $150
Months: 36
Monthly payment: $163.69
Total interest: $892.97
Total cost including fees: $6,042.97
$163.69 is a smaller hole in the month. $6,042.97 is still $1,042.97 above the $5,000 you received.
Calculator result
Personal loan payment
- Amount borrowed
- $5,000.00
- Annual interest rate
- 11%
- Loan term
- 3 years
- Upfront fees
- $150.00
$163.69
monthly loan payment
- Total interest
- $892.97
- Total cost including fees
- $6,042.97
Example 3: a $25,000 loan at 8% for five years
- principal: $25,000
- rate: 8%
- years: 5
- fees: $400
Months: 60
Monthly payment: $506.91
Total interest: $5,414.59
Total cost including fees: $30,814.59
$506.91 looks close to a car payment. The car ownership defaults already have a loan line. This $25,000 is cash. It does not buy a depreciating asset unless you spend it on one.
Example 4: what if I change only the term
Keep $15,000, 9.5%, and $250. Change the years.
3 years, 36 months:
Payment: $480.49
Interest: $2,297.79
Total with fees: $17,547.79
4 years, the default:
Payment: $376.85
Interest: $3,088.66
Total with fees: $18,338.66
5 years, 60 months:
Payment: $315.03
Interest: $3,901.68
Total with fees: $19,151.68
The five-year payment is 376.85 − 315.03 = $61.82 lighter than the default. The total is 19151.68 − 18338.66 = $813.02 heavier. The CFPB marketplace-lending note says look beyond the monthly payment to the total cost, including interest and fees.
Fig 3 · 1/3
The same $15,000 at three terms
9.5% fixed. $250 fee on every bar.
- Total cost
| Category | Total cost |
|---|---|
| 3 years | $18k |
| 4 years | $18k |
| 5 years | $19k |
Three years costs $17,547.79 in total.
Four years is $18,338.66. Five years is $19,151.68.
Fig 4 · 1/3
What you send back
Same $15,000 and $250 fee. Rate stays 9.5%.
- Principal
- Interest
- Fees
| Category | Principal | Interest | Fees |
|---|---|---|---|
| 3 years | $15k | $2.3k | $250 |
| 4 years | $15k | $3.1k | $250 |
| 5 years | $15k | $3.9k | $250 |
Principal is $15,000 on every bar.
Interest grows from $2,297.79 at 3 years to $3,901.68 at 5 years. The fee stays $250.
Example 5: what if I change only the rate
Keep $15,000, 4 years, and $250.
7%:
Payment: $359.19
Interest: $2,241.30
Total with fees: $17,491.30
9.5% default:
Payment: $376.85
Interest: $3,088.66
Total with fees: $18,338.66
15%:
Payment: $417.46
Interest: $5,038.14
Total with fees: $20,288.14
15% versus 7% is 417.46 − 359.19 = $58.27 more each month, and 20288.14 − 17491.30 = $2,796.84 more over the life of the loan. Shop the APR. The CFPB says lenders must disclose it.
Example 6: the common mistake, pick the lower payment
Loan A and loan B in the personal loan comparison calculator defaults both borrow $20,000.
Loan A: 8.5% for 4 years, $300 fees. Payment $492.97. Total $23,962.37.
Loan B: 7.8% for 5 years, $650 fees. Payment $403.62. Total $24,866.98.
The comparison tool prints Loan A as the lower total cost. The gap is $904.60. Loan B’s payment is 492.97 − 403.62 = $89.35 lighter. That is the trap. A longer term and a fatter fee beat a slightly lower rate.
Calculator result
Personal loan comparison
- Amount borrowed
- $20,000.00
- Loan A annual rate
- 8.5%
- Loan A term
- 4 years
- Loan A fees
- $300.00
- Loan B annual rate
- 7.8%
- Loan B term
- 5 years
- Loan B fees
- $650.00
Loan A
lower total cost
- Loan A payment / total
- $492.97 / $23,962.37
- Loan B payment / total
- $403.62 / $24,866.98
- Total cost difference
- $904.60
Example 7: a 0% rate still has a fee
Keep $15,000 and 4 years. Set the rate to 0%. Keep the $250 fee.
Payment: 15000 ÷ 48 = $312.50
Interest: $0.00
Total cost including fees: $15,250.00
The editorial guide already flags this edge. Zero interest does not make the loan free. The $250 still leaves the house.
Example 8: finance the $250 fee into the principal
The tool assumes fees are paid up front. Some lenders add the origination fee to the amount you borrow.
Pay the $250 in cash, default path:
Payment: $376.85
Total including fees: $18,338.66
Add the fee to principal, $15,250 at 9.5% for 4 years, fees field $0:
Payment: $383.13
Interest: $3,140.14
Total: $18,390.14
Financing the fee costs 18390.14 − 18338.66 = $51.48 extra, and the payment rises 383.13 − 376.85 = $6.28. The $250 is now earning 9.5% too.
Example 9: an extra $100 toward principal
The early loan payoff calculator amortizes the scheduled payment plus extra, with extra going to principal and no prepayment penalty.
On the $15,000, 9.5%, 48-month loan, add $100 extra:
Scheduled payment: $376.85
Payoff time: 37 months
Months saved: 11
Interest saved: $769.73
You send 376.85 + 100 = $476.85 for 37 months. That is a different month than $376.85. The debt snowball vs avalanche post is the version with more than one balance.
Fig 5 · 1/2
Balance over the term
$15,000 at 9.5%. Scheduled payments only.
Remaining principal
- 4-year term
- 5-year term
| Point | 4-year term | 5-year term |
|---|---|---|
| 0y | $15k | $15k |
| 1y | $12k | $13k |
| 2y | $8.2k | $9.8k |
| 3y | $4.3k | $6.9k |
| 4y | $0.00 | $3.6k |
| 5y | $0.00 | $0.00 |
After two years the four-year loan still holds $8,207.58.
The five-year path still holds $3,592.78 going into the last year.
The student loan repayment post uses the same amortization idea on a different loan. Debt-to-income is the check after you know the payment: $376.85 on $6,500 of monthly gross is 376.85 ÷ 6500 = 5.8% from this one loan.
The nine loans next to each other
| Example | Principal | Rate | Term | Fees | Payment | Total cost |
|---|---|---|---|---|---|---|
| 1. Defaults | $15,000 | 9.5% | 4y | $250 | $376.85 | $18,338.66 |
| 2. Small loan | $5,000 | 11% | 3y | $150 | $163.69 | $6,042.97 |
| 3. Larger loan | $25,000 | 8% | 5y | $400 | $506.91 | $30,814.59 |
| 4a. Three years | $15,000 | 9.5% | 3y | $250 | $480.49 | $17,547.79 |
| 4b. Five years | $15,000 | 9.5% | 5y | $250 | $315.03 | $19,151.68 |
| 5a. 7% rate | $15,000 | 7% | 4y | $250 | $359.19 | $17,491.30 |
| 5b. 15% rate | $15,000 | 15% | 4y | $250 | $417.46 | $20,288.14 |
| 7. Zero interest | $15,000 | 0% | 4y | $250 | $312.50 | $15,250.00 |
| 8. Fee financed | $15,250 | 9.5% | 4y | $0 | $383.13 | $18,390.14 |
Open the personal loan payment calculator with the cash you need, the APR on the disclosure, and the fee as cash unless the lender is rolling it in. Run the personal loan comparison calculator when two offers disagree on term. Use the early loan payoff calculator if you can add a fixed extra each month.